Oklahoma City metro area housing market is experiencing interesting trends in March 2023. The Real Estate statistics, collected by MLSOK, Inc. reveals some insightful metrics that homebuyers and sellers should consider. In this post, we will take a look at the market trends, including sales activity, median sales price, days on market, and inventory, to give you an accurate picture of the housing market in the region.

New Listings:

In March 2023, new listings decreased by 1.9% for Single Family homes, but it increased by 30.9% for Townhouse-Condo homes. Pending sales also decreased by 6.5% for Single Family homes and 4.2% for Townhouse-Condo homes.

Inventory:

Inventory increased by 93.6% for Single Family homes and 73.7% for Townhouse-Condo homes. This increase in inventory can provide buyers with a broader range of choices in the Oklahoma City Metro area housing market.

Months' Supply of Inventory:

The Month’s Supply of Inventory increased by 144.4% for Single Family homes and 100.0% for Townhouse-Condo homes. This means that buyers have more time to make a decision and are less likely to face bidding wars.

Median Sales Price:

The Median Sales Price increased by 4.6% to $250,000 for Single Family homes and 7.2% to $186,500 for Townhouse-Condo homes. This increase in median sales price indicates that the Oklahoma City Metro area housing market remains stable and continues to grow.

Average Days on Market:

The Average Days on Market increased by 70.4% for Single Family homes but decreased by 42.4% for Townhouse-Condo homes. This indicates that Single Family homes are taking longer to sell, whereas Townhouse-Condo homes are selling faster.

Sales Activity:

In March 2023, there were a total of 2,047 closed sales, which is an increase from the previous month of February 2023 (1,511). However, there is a slight decrease from the same month last year, March 2022 (2,381). The Total $ Volume also increased from the previous month, February 2023. The Average Price and Median Price for homes also increased in March 2023.

These Oklahoma City housing market trends show that the market remains stable and continues to grow. The increase in inventory, coupled with a decrease in pending sales, can provide homebuyers with more options and time to make informed decisions. With the increase in median sales price and total closed sales, sellers can be confident that the market is favorable for selling their homes.

The Average Days on Market for Single Family homes has increased, but it decreased for Townhouse-Condo homes. Buyers and sellers alike can benefit from the current trends and metrics in the Oklahoma City Metro area housing market.

Oklahoma City Housing Market Forecast 2023-2024

What are the Oklahoma City real estate market predictions for 2023 to 2024? The Oklahoma City housing market has been on a steady rise over the past year, and it is expected to continue that trend into 2023 and 2024. According to recent data from March 31, 2023, the average home value in Oklahoma City is $195,119, up 7.7% from the previous year. Homes are also going to pending status in just 10 days on average, indicating a highly competitive market.

Looking ahead to the forecast for 2024, the Oklahoma City metro area is expected to see a continued increase in housing prices. According to data from April 30, 2023, the region is projected to experience a 0.3% increase in home values by that date. By June 30, 2023, the forecast predicts a 0.2% increase, and by March 31, 2024, the projection jumps to a 1.2% increase in home values.

In terms of buying and selling trends, the median sale-to-list ratio in Oklahoma City as of February 28, 2023, was 0.997, indicating that homes are selling for almost the asking price on average. Additionally, 28.1% of sales were over the list price, indicating a competitive seller's market. However, 49.5% of sales were under the list price, indicating that buyers can still find deals in the market.

Another key metric to consider is the median days to pending status, which was 10 as of March 31, 2023. This means that homes are selling very quickly, and buyers should be prepared to act fast when a home they like becomes available.

Overall, the Oklahoma City housing market is expected to continue its upward trajectory into 2023 and 2024, making it a great time to buy or sell a home in the area. However, buyers should be prepared for a highly competitive market, and sellers should consider pricing their homes competitively to take advantage of the high demand.

 

Oklahoma City Real Estate Investment Overview

Should you consider Oklahoma City real estate investment? Many real estate investors have asked themselves if buying an Oklahoma investment property is a sound investment decision. Oklahoma City has seen steady growth in both its population and its economy over the years. With a low cost of living and a diverse range of industries, it's a great place to invest in real estate.

Here are some reasons why:

Steady Growth in Oklahoma City & Its Property Values

The city's population has grown by nearly 10% over the past decade, and it's projected to continue growing. This means that demand for housing is likely to remain strong, which should keep property values on the rise. In fact, the average home value in Oklahoma City has increased by 7.7% over the past year, which is a strong indication of the city's economic growth and stability.

Good Rental Market

Oklahoma City's rental market is also very strong, with low vacancy rates and rising rents. This makes it a great place to invest in rental properties, as you're likely to have a steady stream of tenants. The city also has a diverse range of industries, including aerospace, healthcare, and energy, which means there are plenty of job opportunities for renters.

As of May 2023, the average rent for a 1-bedroom apartment in Oklahoma City, OK is currently $895. This is a 6% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Oklahoma City decreased by -4% to $832. The average rent for a 1-bedroom apartment increased by 5% to $895, and the average rent for a 2-bedroom apartment increased by 5% to $1,099.

It Is Landlord Friendly

Oklahoma City is known for being landlord-friendly, with relatively low taxes and minimal regulations. Landlords have the freedom to set their own rents and can evict tenants more easily than in some other states. This makes it easier for investors to manage their properties and generate a positive cash flow.

Landlords can evict a tenant in Oklahoma City for failure to pay rent, criminal activity, and material breaches of the lease. If the landlord wants to evict them for a breach of lease, a ten-day written notice is required in which the tenant has to solve the issue.

If they don’t, they can be given 15 days to leave. If a landlord wants to evict a tenant for nonpayment of rent, he or she must first give the tenant a 5-day written notice for payment of rent. If the tenant does not pay rent within 5 days, the landlord may proceed with the eviction of the tenant. The only exception is a criminal activity that poses a health or safety threat to tenants and those around them – you can evict someone immediately for that. This includes illegal drug activity in a unit. Eviction can proceed five days after failing to pay the rent.

Conclusion

In conclusion, Oklahoma City offers a great opportunity for real estate investors. With steady growth in its economy and property values, a strong rental market, and landlord-friendly policies, it's a great place to invest in real estate. Whether you're looking for a rental property or a fix-and-flip opportunity, Oklahoma City should definitely be on your radar.

There are pockets where you could tap into a large pool of renters such as around one of the many universities, though other neighborhoods are dominated by families that want more space but cannot afford to buy a home.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Oklahoma City.

Consult with one of the investment counselors who can help build you a custom portfolio of Oklahoma City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Oklahoma City.

Not just limited to Oklahoma but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Oklahoma City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

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Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. 

References

Market Data, Reports & Forecasts
https://okcmar.org/
https://okcmar.org/mls-dept-info/mls-statistics/
https://www.zillow.com/oklahoma-city-ok/home-values/
https://www.littlebighomes.com/real-estate-oklahoma-city.html
https://www.redfin.com/city/14237/OK/Oklahoma-City/housing-market
https://www.realtor.com/realestateandhomes-search/oklahoma-city_OK/overview
https://www.neighborhoodscout.com/ok/oklahoma-city/real-estate#description
https://okcfox.com/news/local/oklahoma-forward-riding-the-housing-market-roller-coaster-during-the-pandemic

Rental Trends
https://www.rentcafe.com/average-rent-market-trends/us/ok/oklahoma-city/
https://www.rentjungle.com/average-rent-in-oklahoma-city-rent-trends/

Low volatility
https://smartasset.com/mortgage/best-cities-first-time-homebuyers-2017
https://www.bestplaces.net/compare-cities/tulsa_ok/oklahoma_city_ok/people

Cost of living, including rents
https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+States&city1=Tulsa%2C+OK&country2=United+States&city2=Oklahoma+City%2C+OK

Landlord friendly
https://www.avail.co/education/laws/oklahoma-landlord-tenant-law

Core to Shore downtown redevelopment
https://newsok.com/article/5571657/major-players-in-oklahoma-citys-downtown-development-to-speak-dec.-4
https://www.okc.gov/government/maps-3/projects/downtown-convention-center

Slow multifamily housing permits
https://www.greateroklahomacity.com/subresources/economic-indicators/

Richmond, Virginia is a thriving city with a diverse economy, rich history, and a vibrant cultural scene. The city is also known for its affordable housing market, which has attracted many homebuyers and investors. In this blog post, we will explore the current trends in the Richmond housing market, including house prices, market activity, and the factors driving the market. We will use data from the Richmond Association of REALTORS®, to provide an accurate picture of the Richmond housing market.

READ: Virginia Housing Market Forecast 2023

According to the data for March 2023, the Richmond Metro housing market has shown a decrease in new listings, pending sales, and closed sales compared to the same period in 2022. The median and average sales prices have increased, while the percentage of the original list price received has decreased. The days on the market until the sale have increased, and the inventory of homes for sale has increased.

New Listings:

In March 2023, the Richmond Metro housing market had 1,051 new listings, which is 26.0% lower than the same period in 2022. Year-to-date, the market had 2,700 new listings, which is a 23.3% decrease compared to 3-2022.

Pending Sales:

The number of pending sales in March 2023 was 948, a 23.7% decrease compared to the same period in 2022. The year-to-date pending sales are 2,473, which is a 21.7% decrease compared to 3-2022.

Closed Sales:

The number of closed sales in March 2023 was 854, which is a 26.0% decrease compared to the same period in 2022. Year-to-date closed sales are 2,129, which is a 23.6% decrease compared to 3-2022.

Days on Market Until Sale:

The days on the market until sale increased by 78.6%, from 14 in March 2022 to 25 in March 2023. Year-to-date, the days on the market until the sale has increased by 68.8%.

Median and Average Sales Price:

The median sales price in March 2023 was $365,000, which is the same as March 2022. However, the median sales price year-to-date has increased by 3.6%, from $350,000 in 3-2022 to $362,750 in 3-2023. The average sales price in March 2023 was $419,692, which is a 2.4% increase compared to March 2022. The year-to-date average sales price increased by 4.3%, from $397,240 in 3-2022 to $414,225 in 3-2023.

Percent of Original List Price Received:

The percent of the original list price received in March 2023 was 101.3%, which is a 3.8% decrease compared to March 2022. Year-to-date, the percent of the original list price received decreased by 3.9%.

Inventory of Homes for Sale and Months Supply of Inventory:

The inventory of homes for sale in March 2023 was 881, which is a 4.4% increase compared to March 2022. However, there is no data available for year-to-date inventory of homes for sale. The months supply of inventory in March 2023 was 0.9, which is a 28.6% increase compared to March 2022.

Richmond VA Real Estate Market Forecast 2023-2024

What are the Richmond real estate market predictions for 2023? Virginia Beach is the biggest city in the state. It is followed by Norfolk on the shores of the Chesapeake. These large, dense housing markets attract attention, but it is Richmond, Virginia you should be thinking of. Yet few do beyond memorizing their state capitals. Richmond is home to roughly a quarter-million people.

The Richmond VA real estate market is several times larger than this. If you include the suburbs around it, the Richmond housing market contains nearly one and a half million people. This makes the Richmond area the third-largest metropolitan area in the state of Virginia. Richmond has a mixture of owner-occupied and renter-occupied housing. Single-family detached homes are the single most common housing type in Richmond.

The Richmond, VA real estate market has been experiencing steady growth in home prices and sales activity over the past year. According to Zillow, the typical home value in Richmond is $324,748, reflecting a 7.5% increase over the past year. Homes in Richmond also have a high demand, going pending in just around 6 days, which indicates a highly competitive market.

Looking ahead to 2024, the Richmond metropolitan statistical area (MSA) is forecasted to experience continued growth in home prices. According to the Zillow Home Value Forecast, the Richmond MSA is expected to see a 0.4% increase in home values by April 2023, a 0.6% increase by June 2023, and a 1.8% increase by March 2024.

This indicates that the Richmond real estate market will continue to be a strong investment opportunity for those looking to buy or sell a home in the area. However, it is important to note that the market can be highly competitive, and potential buyers should be prepared for a fast-moving and potentially challenging environment.

Richmond Real Estate Investment Overview

Many real estate investors have asked themselves if buying a property in Richmond is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Richmond housing market forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Richmond we have collected some data for those who are keen to invest in Richmond real estate in 2023.

Being the capital of Virginia is not reason enough to make a real estate investment. However, being a capital city results makes it a good housing market to invest in. For example, government employment for better or for worse is relatively high in state capitals. That creates a large number of good-paying jobs, raising property values.

You see the same thing on a grander scale in the wealthy suburbs around Washington, D.C. Being the state capital and the central transportation hub for the region resulted in it being a center of commerce and trade. This led to many law firms and banks having their headquarters here. That is aside from the hospitals and educational institutions in the area. This contributed to the average salary hovering around 50,000 dollars a year. In 2017, Richmond made multiple lists of the best places to retire in the United States as well as top places to live.

Points in favor of the Richmond VA real estate market included its intellectual and creative life, affordability, and quality of healthcare. This has led to a spate of new construction for active adult communities. Investing in Richmond real estate will fetch you good returns in the long term as the home prices in Richmond have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Richmond real estate market which can help investors who are keen to buy an investment property in this city.

Richmond's Large Student Market For Rentals

The Richmond VA real estate market is perfect for those who want to cater to the student market. It is incredibly diverse. The Virginia Commonwealth University campus is home to roughly 30,000 students. That’s aside from the University of Richmond satellite campus. Virginia Union University hosts nearly two thousand college students.

Small private schools like Virginia College and Fortis College host just a few hundred students. There are Baptist, Presbyterian, and several other seminaries in the city, as well. You could find a Richmond real estate investment property near any of these campuses (or in easy reach of several) and rent it out to a steady stream of students.

The main reason you would buy a Richmond real estate investment property is for the rental income. However, the more important factor is the return on the investment. In this regard, the Richmond housing market shines. The median rental rate is roughly 1300 dollars a month for an apartment.

Rental rates are increasing year-over-year due to demand. This will result in continued increases in rents for the foreseeable future. If the economy were to decline (due to unforeseen things like this pandemic), the fact that there are so many students in the area will bolster rental rates in the Richmond real estate market.

Current Rental Market Trends: Before the pandemic, the average rent for an apartment in Richmond was growing at 6% annually (source: RENTCafe). The average size for a Richmond, VA apartment is 862 square feet, but this number varies greatly depending on unit type. Studio apartments are the smallest and most affordable. Around 55% of the households in Richmond, VA are renter-occupied while 44% are owner-occupied.

As of April 2023, the average rent for an apartment in Richmond, VA is $1,295 which is a 8% increase from last year. Over the past month, the average rent for a studio apartment in Richmond increased by 1% to $1,262. The average rent for a 1-bedroom apartment remained flat, and the average rent for a 2-bedroom apartment increased by 1% to $1,510.

• Two-bedroom apartment rents average $1,510 (a 3% increase from last year).
• Three-bedroom apartment rents average $1,985 (a 2% increase from last year).
• Four-bedroom apartment rents average $2,400 (an 8% increase from last year).

Top Neighborhoods include Jackson Ward, Westover Hills, Manchester, The North Side, Three Corners, and Oregon Hill.

The Tourist Market Boosts Short-Term Rentals

Yes, Richmond, Virginia has a tourist market. More than seven million people a year pass through. They may be visiting one of the oldest cities in the United States to tour the Revolutionary era or Civil War sights. Others attend weddings and graduations in the area. The city is considering becoming more friendly to short-term rentals, something that has been illegal.

Short-term rentals have been illegal under local law, but under the new ordinance, property owners can list with sites like Airbnb if they pay an annual $300 permitting fee. That fee would go toward a 3rd-party monitoring program. The city is also requiring short-term rental operators to live in the home for 185 days each year.

Certificate of Zoning Compliance (CZC) for Short-term Rental (Short-Term Rental Permit) is to be obtained on a biennial basis.  The ordinance to permit short-term rentals was adopted by City Council on June 22, 2020. The effective date of the ordinance is July 1, 2020.

The Relative Landlord-Friendly Regulations

The Richmond housing market is quite landlord-friendly. There is no limit on late fees as long as they are written into the lease. Written leases aren’t required unless for more than 12 months. There is no notice of entry law in the state. The only area where Virginia falls short is the long, complex eviction process. The average Richmond real estate investment property owner offsets this by having a large security deposit and thorough background checks. Security deposits are typically limited to two months’ rent. You can charge an application deposit on top of the security deposit.

Growing Economy

Unemployment in the Richmond area hovers around three percent, half a point or so below the national average. More importantly, the area has seen better than average job growth over the past few years. In 2017, they were among the top 25 metro areas with the fastest job growth. Future job growth is expected to be 35 percent over the next ten years, several percentage points higher than the national average.

This will contribute to steady population growth as college graduates find jobs in the area and end up raising their families here. Virginia’s economy has benefitted in recent years from increased federal government spending as well as improvements in its business climate. CNBC named Virginia the top state for doing business in 2019, a point driven home by Amazon’s selection of Northern Virginia for its HQ2 in November 2018.

Richmond’s ties to Northern Virginia are strengthening, helping Virginia’s capital city attract a wide range of new business development. Growth along the coast has been more modest but rising defense spending is finally providing a boost to the Norfolk area. Charlottesville and Harrisonburg are also hot spots.

Richmond has crafted a 1.5 billion dollar redevelopment plan for the area around Richmond Coliseum. Large sections of downtown will be renovated and redeveloped to include new condos, retail and commercial space. It will be home to a new transit building, arena, and mixed-use developments. This will increase the value of all properties in the Richmond housing market in and around downtown.

Conclusion

The Richmond Metro Area is historic, but it is already a modern city embracing smart growth and development. It is a stable housing market that offers good returns without massive regulation or heavy taxes.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Richmond.

Consult with one of the investment counselors who can help build you a custom portfolio of Richmond turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Richmond

Not just limited to Richmond or Virginia but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Richmond turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

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Some of this article's information came from referenced websites. Norada Real Estate Investments provides no express or implied claims, warranties, or guarantees that the material is accurate, reliable, or current. All information should be validated using the below references. Norada Real Estate Investments does not predict the future US housing market. This article educated investors on Richmond real estate. Buying a rental property needs research, planning, and budgeting. Not all investments are good. Always do research and consult a real estate investment counselor.

References

Market Data, Reports & Forecasts
https://rarealtors.com/housingreports/
https://www.zillow.com/Richmond-va/home-values
https://www.redfin.com/city/17149/VA/Richmond/housing-market
https://www.redfin.com/state/Virginia/housing-market
https://www.neighborhoodscout.com/va/richmond/real-estate
https://www.realtor.com/realestateandhomes-search/Richmond_VA/overview/

Student Market & Rental Trends
https://en.wikipedia.org/wiki/Richmond,_Virginia#Demographics
https://www.collegesimply.com/colleges-near/virginia/richmond
https://www.rentjungle.com/average-rent-in-richmond-va-rent-trends
https://www.rentcafe.com/average-rent-market-trends/us/va/richmond/

Landlord friendly
https://www.avvo.com/legal-answers/va-landlord-tenant-law-question-377594.html
https://www.avail.co/education/laws/virginia-landlord-tenant-law

Economy
https://wtvr.com/2017/08/25/the-25-metro-areas-with-the-fastest-job-growth
https://www.bestplaces.net/economy/city/virginia/richmond
https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/regional-reports/va-economic-outlook-20200310.pdf

Redevelopment
https://www.richmond.com/news/local/city-of-richmond/update-stoney-to-introduce-now–billion-richmond-coliseum-redevelopment/article_3c6d3b83-8c21-5f19-ab73-995b2f57e6a5.html
https://www.wric.com/news/local-news/richmond/how-richmond-plans-to-pay-for-the-navy-hill-redevelopment-project

If you are keen to know about the latest trends in the Raleigh housing market, you must read till the end. Raleigh, North Carolina is a southeastern city often overshadowed by the larger Charlotte market.

Introduction

Raleigh, the capital city of North Carolina, is a popular destination among homebuyers due to its booming economy, excellent educational institutions, and affordable housing market. The city is home to a large number of technology companies, including IBM, Cisco Systems, and Lenovo, making it a hub for innovation and entrepreneurship. With this growth in technology comes the need for more housing, which has led to an increase in demand for homes in Raleigh. In this blog post, we will look at the current housing market trends in Raleigh, including house prices and forecasts.

Read About North Carolina Housing Market Forecast

Median Sale Price and Time on Market

According to Redfin, the Raleigh housing market is somewhat competitive, with homes selling on average in 39 days. In March 2023, the median sale price of a home in Raleigh was $389,000, down 4.0% compared to the previous year. This figure is still higher than the national median sale price of $357,000. In comparison to the same period in the previous year, homes in Raleigh sell slower, with homes selling after 41 days on the market in 2023 compared to 22 days last year. The time on the market is still relatively fast, meaning the demand for housing in Raleigh remains high.

Competitiveness and Sale-to-List Price Ratio

Homes in Raleigh are somewhat competitive, with a Redfin Compete Score™ of 63 out of 100. This score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive. Homes in Raleigh sell on average for about 1% below list price, and hot homes can sell for about 1% above the list price. The sale-to-list price ratio of all home types is 99.2%, which shows that homes in Raleigh are selling close to the asking price.

Nearby Cities Comparison

Compared to other nearby cities, homes in Raleigh are somewhat competitive, with an average sale-to-list price ratio of 99.2%. Nearby cities, such as Durham, have an average sale-to-list price ratio of 98.4%, and homes go pending in around 47 days. Cary, another nearby city, has an average sale-to-list price ratio of 99.2%, similar to Raleigh, and homes go pending in around 64 days.

Migration and Relocation Trends

Across the nation, 0.94% of homebuyers searched to move into Raleigh from outside metros. Washington homebuyers searched to move into Raleigh more than any other metro, followed by Fayetteville and New York. 73% of Raleigh homebuyers searched to stay within the Raleigh metropolitan area. Myrtle Beach was the most popular destination among Raleigh homebuyers, followed by Asheville and Greensboro. On the other hand, people are leaving Raleigh for cities such as Myrtle Beach, Asheville, and Greensboro.

The above trends clearly indicate that Raleigh's housing market remains competitive, with homes selling at a rate slower than the previous year but still relatively quickly. The median sale price of a home in Raleigh has decreased by 4.0% compared to the previous year, but it is still higher than the national median sale price. The sale-to-list price ratio of all home types is 99.2%, showing that homes in Raleigh are selling close to the asking price. Raleigh remains an attractive destination among homebuyers, both from within and outside the metropolitan area. With its excellent economic growth and affordable housing market, it is no surprise that Raleigh's housing market continues to be in demand.

Is Raleigh a Seller's Real Estate Market?

The following Raliegh housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Based on the information provided, it appears that Raleigh, NC is currently a seller's real estate market in April 2023.

The sale-to-list price ratio of 100% suggests that homes are selling for the asking price on average, indicating strong demand and competition among buyers. Additionally, the median listing home price has increased 4.3% year-over-year, and homes sell relatively quickly with an average of 49 days on the market.

However, it's worth noting that there may be variations within different neighborhoods in Raleigh. For example, North Ridge is the most expensive neighborhood with a median listing home price of $1.9M, while Highland Creek is the most affordable neighborhood with a median listing home price of $315K. It's possible that certain neighborhoods may have different market conditions, so it's important to consider the specific area of interest when evaluating the real estate market in Raleigh.

Raleigh Housing Market Forecast 2023-2024

Analyzing real estate data from multiple sources gives us a much broader perspective of the direction in which a market is moving. We shall now discuss some of the most recent housing trends in the Raleigh area from Zillow and compare them with the past year. Based on the available data and forecast, the Raleigh housing market is expected to continue its upward trend into 2023-2024, although perhaps at a slightly slower pace than in previous years.

According to data through March 31, 2023, the average home value in Raleigh is $419,719, which represents a 2.6% increase over the past year. Additionally, homes are selling relatively quickly, with a median of 14 days to pending status. The sale to list ratio and the percent of sales over list price are also strong, indicating that sellers are currently in a favorable position in the market.

The MSA level forecast for the Raleigh, NC metropolitan area in 2024 indicates a mixed picture. According to the available data, there is likely to be a slight decline in growth from March 2023 to March 2024, with a projected change of -0.1%. However, the forecast also suggests a potential rebound in the market, with a projected increase of 1.6% by March 31, 2024.

As with any forecast, these projections are subject to change based on a variety of factors, such as changes in the economy, interest rates, and local or global events. Anyone interested in the Raleigh real estate market in 2024 should monitor the market closely and seek guidance from professionals to make informed decisions.

Is Raleigh a Good Place For Real Estate Investment?

Should you invest in Raleigh real estate? If you want to find out whether Raleigh real estate is a good investment or not, you need to drill deeper into local trends. The Raleigh real estate trends will tell what the market holds for the year 2022. We have already discussed the Raleigh housing market forecast for answers on why to put invest in this market. Purchasing an investment property in Raleigh real estate is a little different from shopping for your car or primary residence.

While you still want to get the most for your money, if you are looking to make a profit, you don’t want to buy the most expensive property on the Raleigh real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, a turnkey investment property in Raleigh that you might move into or sell at retirement in the future! Either way, knowing your profit potential and purpose is the first thing to consider.

According to Neighborhoodscout.com, a real estate data provider, three and four-bedroom single-family detached homes are the most common housing units in Raleigh. Other types of housing that are prevalent in Raleigh include large apartment complexes, duplexes, rowhouses, and homes converted to apartments.

About a third of Americans rent their homes. In the Raleigh NC real estate market, the rate is 43%. This is partially due to the large student market, but it is also fueled by young people moving here for work. That explains why downtown Raleigh rents grew 9% in 2018. It also explains why you can rent out a studio for $900 a month and one-bedroom apartments for a thousand dollars a month.

Kiplinger, a leading publisher of business forecasts and personal finance advice, uses ATTOM Data Services to compile data on home price changes and housing affordability in the country's top 100 markets. The affordability index indicates a city's relative affordability (1 is the most affordable, 10 is the least affordable). It is calculated as the percentage of annual income required to purchase a median-priced home in late 2020 in each metro area. Raleigh has an affordability index of six out of ten, making it one of the most expensive cities in the United States to own a home. New York City is the most expensive city, while Augusta, Georgia is the least expensive.

To consider the prospects of investing in the Raleigh NC real estate market, we’ll focus on factors that matter to investors instead of citing the many high quality of life metrics and awards the city receives that draw new residents to the area.

The Student Market

College towns can be a great place to buy investment real estate, but the rise and fall of the flagship campus affect demand for real estate. Any state capital will be home to at least one flagship university. North Carolina State University is located here. However, the Raleigh NC real estate market for those catering to students is diversified, so to speak. Meredith College, St. Augustine’s University, and Shaw University are also located here, as are several other private religious schools.

If you invest in the Raleigh suburbs, you could attract students from Duke University in Durham and the University of North Carolina in Chapel Hill. Young people from across the globe want to experience Raleigh. From attending school at one of the local, prestigious colleges to working in the infamous Research Triangle Park, Raleigh is the new destination for young people who are interested in a fresh start and a great home to live in.

The Growing Technological Employment Base

The Research Triangle Park area consists of Raleigh, Durham, and Chapel Hill. These research centers are generating many high-tech startups and jobs, bringing people to the area for high-paying jobs. Red Hat is one of the biggest employers in the area, despite the school system, and state & local governments being major employers. The high-tech sector helps explain why Raleigh’s income per capita is roughly $33,682 while the national average is $29,829 and far above the $26,779 state average. Raleigh was ranked number one in Glassdoor’s 25 Best Cities for Jobs report.

In April, Apple announced a new campus and engineering hub that will bring many high-paying jobs to the area. The site will be located off the Triangle Expressway between Louis Stephens Drive and Davis Drive. In addition, Apple will invest $100 million to support schools and community initiatives in the Triangle and will put more than $110 million toward infrastructure in 80 North Carolina counties. In total, Apple said it will invest more than $1 billion in the state.

Raleigh's Diverse Economic Base

Unemployment tends to be lower in areas with diverse economies. Raleigh is home to several major hospitals. It hosts an international airport. The high-tech sector is so large we’ve already mentioned it as a point in favor of the Raleigh NC real estate market. This diverse economic base protects a community from the rise and fall of employment tied to a single market sector. This explains why Raleigh’s unemployment rate was one point lower than the state average in 2018 and was three points lower than the unemployment rate for the state during the Great Recession.

The BLS reported that the unemployment rate for Raleigh fell 0.1 percentage points in July 2021 to 3.7%. For the same month, the metro unemployment rate was 0.7 percentage points lower than the North Carolina rate. The unemployment rate in Raleigh peaked in May 2020 at 12.1% and is now 8.4 percentage points lower. The relative abundance of jobs brings many to the Raleigh area, while it will keep many students graduating from their schools in the area.

Low Overall Taxes

North Carolina’s overall tax burden is roughly 30th out of the 50 states according to WalletHub. Property taxes clock in at an average of 2.3%. That’s 11th in the country but far better than a number of eastern states. Georgia’s property tax rate, for example, is 2.75%, and neighboring South Carolina’s comes in at 2.91%.

It Is Landlord Friendly

North Carolina on the whole is landlord-friendly. There are payment grace period laws, but you can charge late fees. There are no pet laws or rekeying laws in North Carolina. And unlike other states, North Carolina has been becoming more landlord-friendly. For example, a law passed in 2018 allows landlords to recover legal fees and the cost to issue a court summons when they had to go to court to evict a tenant. This isn’t a blank check, though. Recovered legal fees can’t exceed 15% of the amount owed.

Raleigh Real Estate is Relatively Affordable

North Carolina homes cost an average of $180,000. You can buy several investment properties here for the cost of one middle-class home in California or a loft in New York City. The area is so affordable that housing costs score 92 on the cost of the living index while the national average is 100. The median home value of roughly $254,000 (Zillow). NerdWallet had ranked Raleigh one of the best places to own a home. Over 70% of Raleigh's land is zoned for residential use, which contributes to the city's affordability of housing relative to Austin, Atlanta, and Charlotte.

The Modest Military Market

Raleigh is almost ideal in this case. The community isn’t the home of Fort Bragg, but that means the community’s real estate market won’t rise and fall based on the fate of a large base. Instead, there are several moderately sized military employers in the area. Raleigh is home to one of 65 MEPS to induct people into the military. Raleigh is home to the North Carolina National Guard, Civil Air Patrol, a US Army Corp of Engineers, and an Army Research Office. An office of the Defense Criminal Investigative Service is located here, as well.

Conclusion

Maybe you have done a bit of real estate investing in Raleigh but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. The strong US real estate market shows no signs of slowing and is slated to remain among the world’s top performers. Whether you are a Baby Boomer or a Millennial, you will find living in Raleigh is a unique experience. From being a leader in the job market to being a hub for entertainment, it’s pretty clear why many people love to call Raleigh home.

A good cash flow from Raleigh rental property means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Raleigh real estate investment opportunity would be a key to your success. If you invest wisely in Raleigh real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it is very important to read good books on real estate.

The less expensive the Raleigh investment property is, the lower your ongoing expenses will be. Some of the most popular neighborhoods in Raleigh are Downtown Raleigh, Southwest Raleigh, Wake Forest, West Cary, Oakwood, Forestville, Stonehenge, North Hills, Northeast Raleigh, Lochmere, Fayetteville Street District, North Raleigh, Five Points East, Northwest Raleigh, and Brier Creek.

Apart from the Raleigh market, you can go to Tucson, AZ. The Tucson housing market has recovered and is poised for slow, steady, and certain long-term growth. The shifting demographics and known groups eager to sell at the right price provide an excellent opportunity to find bargains almost anywhere in the Tucson real estate market. Tucson consists of 583 neighborhoods. Many people move to Tucson and then commute to work in surrounding cities.

Tucson’s relatively slow and steady growth rate means that new construction is at a crawl. That is causing rents to rise faster than average, especially at the low end of the market. Another factor propping up home prices is the relatively small inventory on the market; snowbirds typically sell when they need to instead of based on market conditions.

Another market that we suggest is Dayton, Ohio. The Dayton Ohio real estate market is one of the best deals in the Midwest. It balances affordable properties with strong future growth, a large rental market and stable property values, low carrying costs, and decent ROI. The average home size is roughly 1,350 square feet. Downtown Dayton and its suburbs are doing a nice job of incentivizing new businesses to come into the area. Existing businesses are also benefiting from positive housing market trends in Dayton. While the overall Dayton housing market is booming, downtown Dayton has struggled with crime from time to time. The good news is that the city has steadily reduced crime.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability. Consult with one of the investment counselors who can help build you a custom portfolio of turnkey cash-flow rental properties in the various growth markets across the United States.

All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching top real estate growth markets and structuring complete turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

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Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Market Trends And Forecast
https://www.zillow.com/raleigh-nc/home-values
https://www.trianglemls.com/tmls/market-trends/
https://www.realtor.com/local/Raleigh_NC
https://www.redfin.com/city/35711/NC/Raleigh/housing-market
http://www.homesinraleigh.org/raleigh-housing-report.html
http://www.metrodepth.com/raleigh-forecast-another-average-year
http://www.freddiemac.com/research/indices/house-price-index.page

Rental Market
www.zumper.com/rent-research/raleigh-nc
www.bestplaces.net/housing/city/north_carolina/raleigh
www.rentcafe.com/average-rent-market-trends/us/nc/raleigh
https://www.apartmentlist.com/renter-life/average-rent-in-raleigh

Universities and demographics
www.en.wikipedia.org/wiki/Raleigh,_North_Carolina

Higher average income
www.areavibes.com/raleigh-nc/employment

Tax rates
www.wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/

Landlord friendly
www.portcitydaily.com/local-news/2018/06/30/heres-how-north-carolinas-new-eviction-fee-law-changes-things-for

Landlords-and-tenants
www.avail.co/education/laws/north-carolina-landlord-tenant-law

Military market
www.mepcom.army.mil/Units/Eastern-Sector/ 12th-Battalion/Raleigh